Alternative Banking Options

You don’t have to stick with a traditional brick and mortar bank anymore.

Today, you’ve got online banks, prepaid accounts, and financial apps that can handle daily spending, saving, and even credit support—often with lower fees and better features.

KOHO Essential: Modern Alternative

If you’re looking for a simple way to manage money without a traditional bank account, with KOHO Essential

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.

• Grow your savings with a 2% interest savings rate on your entire balance.

• Earn 1% cash back on groceries, eating & drinking, and transportation.

• You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.

• Enjoy unlimited transactions and free e-transfers (never worry about fees when sending money to someone again).

Types of Alternative Banking Options

1. Financial Apps

There are financial apps that:

• Let you spend with a card

• Help you track and budget

• Often include cash back or interest

They’re good if you want more control and fewer surprises than a traditional credit card setup.

2. Online Only Banks

These operate fully online and usually offer:

• No or low monthly fees

• High interest on savings compared to many big bank branches

• Free e-transfers and easy mobile apps

They’re ideal if you rarely go into a physical branch.

3. Credit Unions

Credit unions are member-owned and often:

• Focus on community and service

• Offer competitive rates and fees

• Provide full banking services (chequing, savings, credit, loans)

They feel more “traditional,” but with a different ownership structure.

4. Hybrid Setups

Many people mix options, for example:

• Keep a basic account at a traditional bank

• Use something like KOHO Essential for day-to-day spending, saving, and cash back

• Add an online savings account for long term goals

You don’t have to pick just one—it’s about building a setup that actually works for how you live and spend.